ENAP Ratings Cut

ENAP Ratings Cut

Chile Corporate & Sovereign Strategy

Moody's has downgraded Empresa Nacional del Petroleo's (ENAP) rating to Baa3 from Baa2, it says, due to high leverage. “Despite expected improved earnings in 2013, the company's earnings and cash flow will remain weak relative to high debt levels," the agency says, noting that lowering debt levels and improving the Chilean state-owned oil company’s earnings position will be difficult this year. ENAP's performance deteriorated 2012 mainly as a result of high crude oil prices, high energy costs, a

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